ODFL - Old Dominion Hits A Yellow Light: Earnings Glow Dividend Boost But Top Line Struggles | Benzinga
Old Dominion Freight Line Inc (NASDAQ:ODFL) shares are diving after it reported fourth-quarter FY23 results.
Revenue rose 0.3% Y/Y to $1.496 billion, marginally missing the consensus of $1.497 billion.
The slight increase in revenue is primarily due to a 3.0% rise in LTL revenue per hundredweight, which more than offset the 2.0% decrease in LTL tons per day.
LTL tons per day decline reflects a 1.5% Y/Y increase in LTL shipments per day and a 3.5% Y/Y decrease in LTL weight per shipment.
Also, revenue decreased by 21.8% Y/Y in the other services segment in the quarter.
Operating income decreased by 2.1% Y/Y ...